with investment from the AIC CEI-Boulos Opportunity Fund, a partnership between Allivate Impact Capital and CEI-Boulos Capital Management

HOUSTON – (October 17, 2024) – The AIC CEI-Boulos Opportunity Fund, a joint venture between Allivate Impact Capital®, a subsidiary of Woodforest Financial Group, and CEI-Boulos Capital Management, announced a majority equity investment in the Knowles-Rowland House, a permanent supportive housing project backed by Bread of Life, Inc., a Houston-based non-profit organization that serves Houston’s most vulnerable population.

The 21,000-square-foot building, located at 2019 Crawford Street in Midtown Houston, is an adaptive reuse of the Knowles-Rowland Center for Youth, transforming it into 31 new units of permanent support housing for people who have experienced chronic homelessness. Sixteen units will be designed to accommodate those with mobility or sensory impairments. Residents also will be provided access to comprehensive social services.

Originally constructed in 1999 as a gymnasium and youth center, the building is named after Destiny’s Child members and longtime Bread of Life, Inc. supporters Beyoncé Knowles and Kelly Rowland. The center was damaged by Hurricane Harvey in 2017 and a fire in 2021 and has since been primarily used to store household and hygiene products for bi-monthly food and supply distribution. Beyoncé and her mother Tina Knowles attended an event announcing the new permanent supportive housing project in September 2024.

All rents within the project will be 100% subsidized by HUD’s Project-Based Voucher (PBV) program administered by the Houston Housing Authority. Residents will have access to a range of social services including case management, mental health counseling, substance abuse treatment, life skills training, and nutrition assistance through a partnership with Temenos Community Development Corporation, Bread of Life, Inc.’s sister organization.

Permanent supportive housing has been a key component of Houston’s successful and nationally renowned approach to addressing homelessness. Residents of the project will be able to remain housed at the project as long as needed and typically only leave when they move on to standard apartment living independent of services. Virtually no one leaves permanent supportive housing and goes back to homelessness.

“CEI-Boulos Capital Management is committed to working with local developers to build solutions that provide people with low incomes access to quality housing,” said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. “The combination of subsidized permanent housing and social services will provide stability with dignity for those experiencing chronic homelessness. We are proud to partner with The Bread of Life and Temenos CDC, two respected and experienced service organizations with deep roots in the community, along with Allivate Impact Capital to bring this project to life.”

Noelle St.Clair Lentz, CEO and Managing Director of Allivate Impact Capital added, “The permanent supportive housing model is an effective approach to supporting individuals who have experienced chronic homelessness. Our team at Allivate Impact Capital is proud to collaborate with Bread of Life, CEI-Boulos Capital Management, and Temenos CDC to elevate communities through projects such as this one which is in our organization’s (Woodforest’s) home market of Houston.”

“Bread of Life, Inc. is beyond grateful to our new funding partners, CEI-Boulos Capital Management and Allivate Impact Capital because their investment ensures the Knowles-Rowland House will be completed and ready for the Houstonians who need it most,” said Rudy Rasmus, Executive Director and Founder of Bread of Life, Inc. “Affordable housing that truly benefits everyone is a team effort and we look forward to a long relationship with these partners.”

The building is located near the Houston METRO light rail system, giving residents easy access to all major employment and education hubs throughout the city.

The project will meet the U.S. Department of Environmental Protection’s Energy Star Certification and will also target National Green Building Standard certification to ensure it meets environmentally sustainable and energy-efficient standards.

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About Bread of Life: Founded in 1992 by Pastors Rudy and Juanita Rasmus, Bread of Life, Inc. began by serving hot meals to Houston’s homeless, quickly expanding to offer a broad range of services and support. Nearly three decades later, Bread of Life continues to aid underserved communities in Houston through programs in homelessness, health, hunger relief, and their community radio station KMAZ The Amazing 102.5 FM. www.breadoflifeinc.org 

About Temenos CDC: Temenos Community Development Corporation was founded following the devastation and loss caused by Hurricane Katrina. Their mission is to provide affordable housing opportunities, supportive services, and employment resources to low- to extremely low-income persons on their journey to wholeness. www.temenoscdc.org

About Allivate Impact Capital: Allivate Impact Capital is an impact investing firm with the goal of delivering attractive risk-adjusted returns from investments while creating measurable positive social impact. The company manages capital across asset classes in responsive ways to meet the needs of communities lacking access to funds needed to bring underutilized assets to their full potential. As a subsidiary of Woodforest Financial Group, Allivate Impact Capital leverages a global award-winning, and industry leading Community Development Team to achieve their goals. Learn more at https://allivate.com

About CEI-Boulos Capital Management: CEI-Boulos Capital Management is a real estate investment fund management company focused on delivering both competitive financial returns and social impact. The company serves banks, family offices, and other institutional investors, and has a national scope. Areas of the company’s specialization include Opportunity Zones and the Community Reinvestment Act (CRA). Learn more at www.ceiboulos.com